Unfortunately some innovations can harm humanity, for example -l drugs and vaccines have to be trialled and approved by a regulator to protect the population. Modern synthetic drugs are an “innovation” but result in addiction so in many states they are criminalised. We usually accept the need for regulation in such areas.
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Regulation should be targeted at dealing with the root cause of many of the problems that AI creates - free access to private data and inappropriate use where it harms humanity. This is regulation - light but tight, because it would define where AI cannot be used and deter big tech (the biggest problem) and any SME or start up from building a business model or product on private data.
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It may be much cheaper but companies have no motivation to self regulate when profits are determined by ever more uses and abuses of AI. Facebook is a classic case in point. Despite all the posturing by the company, it is the algorithms that are in control, driving engagement and advertising profit. The only way self regulation would work in this example would be for the companies using user data to manipulate them to stay on the platform, would be for them to remove the algorithms and not harvest users internet activity. This would massively impact profits which is why they won't act.
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